Conflux (CFXUSDT) Market Overview: 24-Hour Technical Summary

• Conflux (CFXUSDT) experienced a sharp bearish reversal from $0.2349 to $0.1872, with oversold RSI and weak volume confirming the downtrend.
• A 61.8% Fibonacci retracement level at ~$0.203 appears to have failed as a support, with price breaking below it decisively.
• Bollinger Bands show increased volatility, with price trading near the lower band for much of the 24-hour period.
• Volume spiked during the early ET hours, but price failed to hold key levels, suggesting bearish momentum.
• A potential short-term rebound may occur near $0.1900, but a retest of the 24-hour low at $0.1872 remains a high-risk scenario.

Market Overview

Conflux (CFXUSDT) opened at $0.2177 on July 21 at 12:00 ET and closed at $0.1907 on July 22 at 12:00 ET, reaching a high of $0.2349 and a low of $0.1872. Total volume for the 24-hour period was 233,927,000.0, with notional turnover of $48,200,000.

Structure & Formations

The 15-minute chart shows a clear bearish breakdown from the $0.2349 high to the $0.1872 low, with a key bearish engulfing pattern forming at the top. The price failed to hold the 61.8% Fibonacci retracement level at ~$0.203, suggesting a continuation of the downward trend. A potential short-term bullish reversal may emerge near $0.1900, but it appears fragile given the weak volume and bearish momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both in a steep downtrend, with the price trading well below both. This confirms the bearish bias. On the daily chart, the 50/100/200-day moving averages are not available in this data window, but the price action suggests a likely bearish alignment of longer-term averages.

MACD & RSI

The RSI indicator is currently in oversold territory (~25), suggesting that the asset may be due for a short-term bounce. However, the MACD remains negative with bearish divergence, indicating that the downtrend could continue despite the oversold condition. A strong rebound above $0.1950 would be needed to confirm a reversal in momentum.

Bollinger Bands

Bollinger Bands show a noticeable expansion in volatility as the price moved lower. The price spent a significant portion of the 24-hour window near the lower band, suggesting a bearish bias. A break above the upper band would require a strong reversal, but this seems unlikely without a catalyst.

Volume & Turnover

Volume spiked during the early ET hours, particularly between 08:00 and 09:30 ET, when the price dropped from $0.2084 to $0.1935. Despite the volume, price failed to stabilize, suggesting weak conviction in the short-term support levels. The notional turnover increased as the price fell, indicating that bears were more active during the decline.

Fibonacci Retracements

The 61.8% Fibonacci retracement level from the high of $0.2349 to the low of $0.1872 sits at ~$0.203. The price tested this level but failed to hold it, suggesting that the bearish trend is likely to continue. A retest of the 38.2% level (~$0.216) is unlikely without a strong reversal catalyst.

A short-term rebound to the $0.1900–$0.1950 range is possible, but the broader trend remains bearish. Investors should watch for a potential breakdown below $0.1872, which could accelerate the decline. As always, volatility remains high, and sudden price swings should be expected.